Internal control is an important internal governance mechanism of enterprises and plays an important role in preventing and controlling corporate risks. This paper utilizes COVID-19 shocks and uses data from listed companies in China for 2019–2021 in order to study the impact of internal control on enterprise resilience and its functioning mechanism. The findings show that internal control significantly improves enterprise resilience during a crisis. By using firm characteristic quantile regressions, it is found that under a crisis, larger firms with sufficient cash flow from operating activities are more protected by internal control and more resilient. Mechanistic analysis suggests that internal control further increases enterprise resilience by improving resource allocation efficiency, reducing operating risk, and increasing innovation output. Further analysis shows that government support can enhance the resilience of firms during crises through tax and fiscal policies; a better business environment enhances firms’ ability to withstand risks in crisis situations and helps them gain a competitive advantage in crisis situations. Based on this, this paper provides empirical evidence for revising and improving the internal control system of enterprises to reduce the negative impact of public health emergencies in the context of epidemics.
At present, China is in the historical intersection period of the "two centenary" goals. The realization of the "carbon neutral" goal has brought new opportunities for the development of China's energy sector. Based on the GMM estimation method of the dynamic panel model, this paper studies the relationship between energy consumption and industrial output by using China's provincial data from the years 2008 to 2018. The results show that the impact of coal consumption on industrial output tends to be declining during the sample period. However, compared with other energy consumption, it still dominates a larger proportion. Oil consumption has a negative impact on industrial output with the arrival of a production bottleneck period and the improvement of technology level. As a secondary energy, electricity consumption has an important impact on the industrial output, which is the main energy variable and is significantly positive. Other energy consumption variables have significant positive effects on industrial output. In this paper, we obtain countermeasures and suggestions on energy, such as giving full play to the decisive role of the market, improving the innovation environment in the field of energy, speed up the transformation of new and old kinetic energy.
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